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Feb 5, 2013
02/13
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that is called suspending the debt ceiling, you raise the debt ceiling so you put a lid on what the government can spend. when you reach your credit, they will give you another thousand dollars and that is new limit. what has now happened is capitol hill has suspended that limit, now you are going to american express card with no limit and you have given the president no limit until mid may? >> i don't think american express would like the comparison because it couldn't be as bad. [ laughter ] >> but they are limited by the appropriations process and house and senate under the constitution have the power of the purse. he is not supposed to spend important. having said that, you are right. it's a huge problem. we should not extend the debt limit again. what is coming up, it may be four to six months unless there are legally spending cuts. i proposed that legislation. it got a lot of votes on the floor but it's simple idea. reduction of spending for every dollar increase in debt limit and you get to balanced budget over ten years if you do that. >> greta: breaking news, it's an important topic.
that is called suspending the debt ceiling, you raise the debt ceiling so you put a lid on what the government can spend. when you reach your credit, they will give you another thousand dollars and that is new limit. what has now happened is capitol hill has suspended that limit, now you are going to american express card with no limit and you have given the president no limit until mid may? >> i don't think american express would like the comparison because it couldn't be as bad. [...
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Feb 6, 2013
02/13
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but i think that maybe part of what we are seeing on the debt ceiling is the last fight over the debt ceiling back in the summer of 2011 turned out to be a terrible self-inflicted wound for the american economy. we saw consumer confidence plummets, our debt got downgraded. i think that's part of why i think even republicans who care very much about spending are nervous to use as a bargaining chip again, precisely we saw how damaging bringing into question the credit worthiness of the american government was. so am hopeful that we won't keep fighting over this, that we'll have the right fight, which is what she' just any become whicho about the deficit, and not should we pay the bill. i think that's a terrible what. >> and there's a very interesting question about whether, in retrospect, whether republicans leveraging the debt limit in the summer of 2011 could get a bill that cut spending by one to $2 trillion going forward, whether, in fact, that was worth it. because what they did was they introduce liquidity rates by saying hey, if you don't cut spending when not going to vote for a
but i think that maybe part of what we are seeing on the debt ceiling is the last fight over the debt ceiling back in the summer of 2011 turned out to be a terrible self-inflicted wound for the american economy. we saw consumer confidence plummets, our debt got downgraded. i think that's part of why i think even republicans who care very much about spending are nervous to use as a bargaining chip again, precisely we saw how damaging bringing into question the credit worthiness of the american...
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so they've passed a law to temporarily not enforce that debt ceiling until may. so two big deadlines. march 1 and may 18. >> we do a lot of kicking the can. but almost always they come to a resolution in the 11th hour, like karen said. and there is some encouraging news, 157,000 new hires in january is not what they were expecting. so there some encouraging news out there. we don't have to panic. but we do need to get our pocketbooks in check. and our government has a hard time doing that. >> just because the dow is over 14,000, that's a great sign. people forget those days, 6,500 when we were at the worst of the crisis, so to be over 14,000 right now is a big deal. so we'll see what's next. >> right. let's get this going. >>> federal prosecutors are going after the huge ratings agency standards and poor's with connection to the mortgage meltdown. they accuse the company of lighting the financial fuse that helped start the financial meltdown. the justice department claims that s&p kept giving top ratings investments its own analysts warned were too risky. >> whil
so they've passed a law to temporarily not enforce that debt ceiling until may. so two big deadlines. march 1 and may 18. >> we do a lot of kicking the can. but almost always they come to a resolution in the 11th hour, like karen said. and there is some encouraging news, 157,000 new hires in january is not what they were expecting. so there some encouraging news out there. we don't have to panic. but we do need to get our pocketbooks in check. and our government has a hard time doing...
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Feb 6, 2013
02/13
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if you lost track of the debt ceiling and budget battles t came out of the debt limit deal. it was the white house's idea to hold washington's feet to the fire. the cuts were never supposed to happen. the committee that replaced them failed and at the start of the ewe near, the deal triggered even further until march 1st. we are faced with the looming cuts a few weeks away that boiled down to $85 billion that will be slashed by this fall if nothing happens. the focus has been on the cuts and the entire $1.2 trillion will be a 50-50 defense between defense and spending. to put us into perspective is the center for social inclusion. the sequester was designed to be something that would never happen. prot expect would scare washington into coming out with something else. there sounds out of washington, particularly from republicans that they might be okay with nothing happening and sequester being triggered. half is defense and half non-domestic discretionary spending. can you explain to people what would be cut if the sequester goes into effect. >> it's a pleasure to be here.
if you lost track of the debt ceiling and budget battles t came out of the debt limit deal. it was the white house's idea to hold washington's feet to the fire. the cuts were never supposed to happen. the committee that replaced them failed and at the start of the ewe near, the deal triggered even further until march 1st. we are faced with the looming cuts a few weeks away that boiled down to $85 billion that will be slashed by this fall if nothing happens. the focus has been on the cuts and...
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Feb 6, 2013
02/13
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there are other taxes put in place and the debt ceiling will be dealt with. that will be a big battle between entitlement cuts and raising the debt ceiling. i think all these issues will bear on the market when people are very enthusiastic about it. i think this market is vulnerable. >> interesting to date, with all the noise in the market, stocks have been able to put on pretty good ear plugs. >> that's often the case. you've been around long enough. sometimes the market sloughs off bad news until it doesn't. >> that's for sure. >> how about your earnings forecast? 100 bucks, less than many people on the street are expecting. how does that mesh with the fact you're coming off a pretty good earnings season. expectations have come down but two-thirds of the companies have beaten. >> two-thirds of companies have beaten but you look at a chart of expectations, they're coming down. earnings expectations are rolling over and performance is coming down. the s&p has been able to earn $25 or better a quarter. i think we will see quarters $23. i don't think the market
there are other taxes put in place and the debt ceiling will be dealt with. that will be a big battle between entitlement cuts and raising the debt ceiling. i think all these issues will bear on the market when people are very enthusiastic about it. i think this market is vulnerable. >> interesting to date, with all the noise in the market, stocks have been able to put on pretty good ear plugs. >> that's often the case. you've been around long enough. sometimes the market sloughs...
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Feb 5, 2013
02/13
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president obama has signed a debt ceiling suspension into law. the measure allows the government to keep borrowing to pay its bills. it puts off the next congressional battle over the debt ceiling until may. boeing is asking the faa for permission to resume test flights of its grounded 787 jet. it wants to test the batteries and other components in flight since certain conditions can't be simulated on the ground. the faa is evaluating boeing's request. >>> in wall street 2013 rally interrupted with a major averages suffering their worst one-day loss in a year on monday's trading. the last hour we spoke to goldman's jim o'neil about the prospects of making money in this market. >> i think to sell if you're a medium term player is probably not a smart move. but if you've made all the gains, to take some off the table isn't a crazy idea either. >> joining us now is nouriel roubini, chairman and co-founder of roubini global economics. you're not like a market master, maybe like a market jedi. plus andrew still here from fortune magazine. the one and
president obama has signed a debt ceiling suspension into law. the measure allows the government to keep borrowing to pay its bills. it puts off the next congressional battle over the debt ceiling until may. boeing is asking the faa for permission to resume test flights of its grounded 787 jet. it wants to test the batteries and other components in flight since certain conditions can't be simulated on the ground. the faa is evaluating boeing's request. >>> in wall street 2013 rally...
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Feb 5, 2013
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the republicans said -- >> the debt ceiling. >> and wall street came in and said, yes, you are. and now on immigration reform the president is appealing to the people who understand what responsibility immigration reform can mean for business and the economy. he's actually not getting democrats to beat the republicans. he's getting republicans to beat the republicans. it's a great strategy. >> what do you make of it, michael, from the other side. jimmy carter was accused of having too many balls in the air when he was president. this time the president wants to throw a lot at the republicans and keep them off guard. >> it reminds me of 2009 all over again. instead of focusing on the paramount issue that every american is still fising, the jobs, the economy -- >> what's the republican job program? >> it's not about the republican job -- >> you just brought it up. what's your party's program? >> you're asking about the president, let me address the president. doesn't ask about the republicans. i'm telling what you the president is doing. my analysis of what the president is doing
the republicans said -- >> the debt ceiling. >> and wall street came in and said, yes, you are. and now on immigration reform the president is appealing to the people who understand what responsibility immigration reform can mean for business and the economy. he's actually not getting democrats to beat the republicans. he's getting republicans to beat the republicans. it's a great strategy. >> what do you make of it, michael, from the other side. jimmy carter was accused of...
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Feb 12, 2013
02/13
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you're saying now, the debt ceiling showdown, you had a lot of republicans, leadership particularly who walked into this mess where they actually had their rank and file to do a debt default. they needed some way, any way out of it. so what the white house, the democrats put in front of them was the committee, the sequester, they were so happy to have any kind of lifeline, and john boehner comes out, pretends it is a victory, 98%, keeping the members in line. now here it is, a ticking time bomb for republicans, a year, year and a half, they're realizing, wait a minute, we don't have much leverage with the sequester after all. >> but the thing is, boehner did get 98% of what he wanted if you believe that he really wants spending cuts. >> right, exactly, but he doesn't want any spending cuts. he wants spending cuts in very specific programs. >> none in defense. >> not a penny. >> that is the main area they want to avoid, which is exactly why the president pushed to put the spending cuts in. they, as you point out, made a huge strategic error. they had much more power, much more momentum b
you're saying now, the debt ceiling showdown, you had a lot of republicans, leadership particularly who walked into this mess where they actually had their rank and file to do a debt default. they needed some way, any way out of it. so what the white house, the democrats put in front of them was the committee, the sequester, they were so happy to have any kind of lifeline, and john boehner comes out, pretends it is a victory, 98%, keeping the members in line. now here it is, a ticking time bomb...
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Feb 9, 2013
02/13
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. >> at minimum we've got to raise the debt ceiling. so, that's the bare minimum that has to be achieved. >> here is what john boehner and the republicans in the house were demanding. >> the house cannot pass a bill that raises taxes on job creators. the house could only pass a debt limit bill that includes spending cuts larger than the hike in the debt limit as well as real restraints on future spending. >> and here is what john boehner said when the final bill was si signed into law with the dreaded sequester. >> when you look at this final agreement that we came to with the white house, i got 98% of what i wanted. i'm pretty happy. >> to his credit, that's how republicans lindsey graham remembers it as well. >> as john will say it with straight talk, we have our fingerprints as republicans on this proposal, on this sequestration idea. it was the president's idea, according to bob woodward's book, but we as the republican party gagreed to it. we got in this mess together and we're going to have to get out together. >> joining me now a
. >> at minimum we've got to raise the debt ceiling. so, that's the bare minimum that has to be achieved. >> here is what john boehner and the republicans in the house were demanding. >> the house cannot pass a bill that raises taxes on job creators. the house could only pass a debt limit bill that includes spending cuts larger than the hike in the debt limit as well as real restraints on future spending. >> and here is what john boehner said when the final bill was si...
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Feb 8, 2013
02/13
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the debt ceiling was scary as hell. we didn't know what would happen. if the united states stopped honoring its debts even for a day, who knew what would happen to the world financial system. this time if it goes moont, it's not the end of the world but it's big. this is a substantial spending cut in a depressed economy. this is exactly the wrong time to have fiscal austerity of any kind and the defense spending cuts are job destroyers, just like anything else. so not -- this is not what we want to see happen. if it all goes through, it's a pretty significant -- it's enough to push us is certainly into rising unemployment, possibly even back into recession. >> i want to listen to something that john boehner said about how we have handled deficits over the years. let's listen to this. >> at some point, washington has to deal with its spending problem. now, i've watched them kick this can down the road 22 years that i've been here. i've had enough of it. it's time to act. >> that is -- i'm trying to think of a word other than lie. kick the can down the ro
the debt ceiling was scary as hell. we didn't know what would happen. if the united states stopped honoring its debts even for a day, who knew what would happen to the world financial system. this time if it goes moont, it's not the end of the world but it's big. this is a substantial spending cut in a depressed economy. this is exactly the wrong time to have fiscal austerity of any kind and the defense spending cuts are job destroyers, just like anything else. so not -- this is not what we...
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Feb 4, 2013
02/13
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host: some are not strategy as far as moving the debt ceiling ahead. guest: if they had gone ahead with it, it would have been politically cataclysmic. it was the worst percival -- worst possible ground to make their point. president obama 1. i think it's absolutely crucial for the future of the country that you cannot govern from the house. some house republicans, i am sympathetic to their concerns. their enthusiasm try to get in the battle is misplaced. you would have had high-stakes confrontation. in the end, you would have had republicans peeling off. but you would have been, at the beginning, bumping your chest, making all of these demands, saying we're not going to back down. at the end they would cave damn it would have gotten the worst of all possible worlds. there's a lot of frustration in the republican caucus that john boehner has to deal with. i think he did a pretty good job. host: peter wehner, senior fellow at the ethics and the policy center. if you want to find out more about his organization and his writing, visit their web site. comi
host: some are not strategy as far as moving the debt ceiling ahead. guest: if they had gone ahead with it, it would have been politically cataclysmic. it was the worst percival -- worst possible ground to make their point. president obama 1. i think it's absolutely crucial for the future of the country that you cannot govern from the house. some house republicans, i am sympathetic to their concerns. their enthusiasm try to get in the battle is misplaced. you would have had high-stakes...
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Feb 12, 2013
02/13
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limit, debt ceiling deadline of may 19. the time, ladies and gentlemen, where we if we can work together, if we can work together as a -- as the representatives of the people of this great country, come together and find the solutions that will get us on the pro-growth path. because you can't balance the budget solely on raising taxes you can't budget the balance -- balance the budget solely on spend regular duckses. you have to get the economy rolling again. for us that means appropriate tax reform, saving, strengthening, and securing medicare, medicaid, an social security, programs on a path to bankruptcy. it means adopting a sane energy policy to make it so we're energy independent, we don't have to continue to send money overseas, over and over and over. and also it means recognizing that we are a red tape regulation nation right now that is destroying the ability for small and large businesses to create jobs. pro growth policies are what will actually get us out of the doll drum wers in right now. finally, let me leave
limit, debt ceiling deadline of may 19. the time, ladies and gentlemen, where we if we can work together, if we can work together as a -- as the representatives of the people of this great country, come together and find the solutions that will get us on the pro-growth path. because you can't balance the budget solely on raising taxes you can't budget the balance -- balance the budget solely on spend regular duckses. you have to get the economy rolling again. for us that means appropriate tax...
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Feb 8, 2013
02/13
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. >> nobody is worried about this upcoming debate on sequestration, on the debt ceiling. you think that creates noise and disruption. >> i do, maria. i think that you've got a trifecta coming off, you've got the skywest raise and the debt ceiling and the eurozone so there's still a lot of volatility out there, so that's have we're cautiously optimistic. you need to be properly allocated in order to reap the rewards of the greatest capital machine in the world which is our united states stock market. >> thanks, everybody. appreciate your time. >> we'll see you soon in the final stretch of trading. we've got a market that's higher on the dow jones industrial average. >> remember, the dow needs to be up 66 points or there abouts to be positive. don't look now but suddenly apple is up past $475 a share and it's all because big investors have a beef with the board. we'll talk to one major investor who is on apple's side in this battle. >> look outside new york city and our cnbc headquarters. it is bad and it's getting worse. the big worry now, power outages. believe it or not,
. >> nobody is worried about this upcoming debate on sequestration, on the debt ceiling. you think that creates noise and disruption. >> i do, maria. i think that you've got a trifecta coming off, you've got the skywest raise and the debt ceiling and the eurozone so there's still a lot of volatility out there, so that's have we're cautiously optimistic. you need to be properly allocated in order to reap the rewards of the greatest capital machine in the world which is our united...
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Feb 6, 2013
02/13
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>> the sky will fall if you don't deal with the debt ceiling. but i think unfortunately, this is the price that we pay in the fiscal cliff deal. the democrats paid. i said at the time that i thought it was a short term victory for the democrats, but a long term victory for the republicans because we gave away our leverage on tax increases. so, sure, i have no objection to giving away the carried interest on some of the projects and loophole, but the fact is we're not in position to do that and i think we ought to get serious about the deficit and the best way to get serious about the deficit is go right over the cliff. the likelihood of having a real agreement between the white house and the conservative republicans is pretty close to zero. so i think we should take our medicine now. i don't think our sky are fall if we take the sequesters. i think from a democratic view, it's the only way we'll get the kind of defense cuts that we really need to get and we need to take our medicine. >> what i'm hearing is you disagree with the president and you
>> the sky will fall if you don't deal with the debt ceiling. but i think unfortunately, this is the price that we pay in the fiscal cliff deal. the democrats paid. i said at the time that i thought it was a short term victory for the democrats, but a long term victory for the republicans because we gave away our leverage on tax increases. so, sure, i have no objection to giving away the carried interest on some of the projects and loophole, but the fact is we're not in position to do...
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Feb 8, 2013
02/13
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so i think the concern about article you should ourselves in the foot, you know, not raise the debt ceiling or not come to an agreement on various things. one of the main things, i am still i think more nervous about europe and some people, precisely because though interest rates are down in some of the most troubled countries, their troubles are still there. so i don't think that's a problem that has gone away. i do think we still have a risk to the economy. unfortunately, that does he is heading off the robust fast recovery. i think 2013 will be better than 2012. i wish i could tell you it will be really, really good because that's what we dashed we need. >> i'm not a forecaster. i don't have a ph.d in economics. i specialize in economic policy. so i tried to be a good consumer of other forecasts. one thing i've learned from that is frankly i don't trust any macro forecast that goes beyond six months. because i don't think anyone is any -- they're just guessing beyond that. i think we probably, at least i would have similar reactions. i am still very concerned about the risk posed by euro
so i think the concern about article you should ourselves in the foot, you know, not raise the debt ceiling or not come to an agreement on various things. one of the main things, i am still i think more nervous about europe and some people, precisely because though interest rates are down in some of the most troubled countries, their troubles are still there. so i don't think that's a problem that has gone away. i do think we still have a risk to the economy. unfortunately, that does he is...
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Feb 5, 2013
02/13
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you know, in washington over the past few months, our attention has been a cliff, ma on debt ceiling, budgets, deadlines, negotiations. all of this is extremely important because i don't think there's any substitute for getting our fiscal house in order. there's no greater moral imperative than to reduce the mountain of debt that is facing us, our children, and theirs. and are house republican majority stands ready for the president and his party to join us in tackling the big problems facing this country. but today, i'd like to focus really on what lies beyond fiscal debate. and over the next two years, our house majority will pursue an agenda that is based on a shared vision of creating the conditions of health, happiness, and prosperity for more americans and their family. and to restrain washington from interfering in those pursuits. we will advance proposals aimed at producing results in areas like education, health care, innovation, and job growth. our solutions will be based on the conservative principles of self-reliance, faith in the individual, trusting family, and accountab
you know, in washington over the past few months, our attention has been a cliff, ma on debt ceiling, budgets, deadlines, negotiations. all of this is extremely important because i don't think there's any substitute for getting our fiscal house in order. there's no greater moral imperative than to reduce the mountain of debt that is facing us, our children, and theirs. and are house republican majority stands ready for the president and his party to join us in tackling the big problems facing...
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Feb 4, 2013
02/13
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it is an interesting piece about this fearmongering and screaming we did debt ceiling hostage crisis and all of that stuff. anyway, so not to discount your fear that we're going to be overtaken. >> well, yeah. that's paranormal. >> stephanie: we'll talk about this and much more as we continue. 19 minutes after the hour. it is "the stephanie miller show." >> announcer: funny how. funny like she's a clown. like she's here to amuse you. it's the "the stephanie miller show." he was a comedy genious. addicted to the spotlight and living too close to the edge. of all the hours in all his days, these are the ones you'll never forget. ♪ bad, bad ♪ >> stephanie miller. ♪ baddest girl ♪ ♪ in the whole damn town ♪ ♪ badder than king kong ♪ ♪ meaner than a junkyard dog ♪ >> stephanie: it is "the stephanie miller show." welcome to it. 24 minutes after the hour. 1-800-steph-12 the phone number toll free from anywhere. jake with the president carney. >> we created 2.2 million now with the revisions jobs in 2012. that means that we have been moving in the right direction when it
it is an interesting piece about this fearmongering and screaming we did debt ceiling hostage crisis and all of that stuff. anyway, so not to discount your fear that we're going to be overtaken. >> well, yeah. that's paranormal. >> stephanie: we'll talk about this and much more as we continue. 19 minutes after the hour. it is "the stephanie miller show." >> announcer: funny how. funny like she's a clown. like she's here to amuse you. it's the "the stephanie...
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Feb 5, 2013
02/13
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it's been on debt ceilings, budgets, deadlines and negotiations. all of this is extremely important because i don't think there's any substitute for getting our fiscal house in order. there's no greater moral imperative than to reduce the mountain of debt that's facing us, our children and theirs. and our house republican majority stands ready for the president and his party to join us in actually tackling the big problems facing this country. but today i'd like to focus really on what lies beyond the fiscal debate. over the next two years, our house majority will pursue an agenda that is based on a shared vision of creating the conditions of health, happiness and prosperity for more americans and their families. and to restrain washington from interfering in those pursuits. we'll advance proposals aimed at producing results in areas like education, health care, innovation and job growth. our solutions will be based on the conservative presence of self-reliance, faith in the individual, trust in family and accountability in government. our goal is
it's been on debt ceilings, budgets, deadlines and negotiations. all of this is extremely important because i don't think there's any substitute for getting our fiscal house in order. there's no greater moral imperative than to reduce the mountain of debt that's facing us, our children and theirs. and our house republican majority stands ready for the president and his party to join us in actually tackling the big problems facing this country. but today i'd like to focus really on what lies...
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Feb 11, 2013
02/13
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FBC
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fast forward 18 months we've resolved the debt ceiling issues and the fiscal cliff to boot. the ecb has done a 180 on supporting spain. the equity markets have more than fully recovered and yet bonds are still mired down to 1 1/2 to 2%. if this is year people wake up and say rates are too low for the conditions. lori:. lori: do you believe the markets are undervalued. many are near 52-week highs. many all-time highs but you still think there is value? >> we look long term people get obsessed with numbers on the s&p because that is where we peaked back in '99 and 2000. they assumed it was overvalued there because it was overvalued then. in our price matters '99 and 2000 that was 100% overvalued. that happened four times in history. every time that's happened you spend about 12 to 14 years chopping sideways. we're getting to the end of that. on that same 1550 type level we're now thinking it is 10 to 15% undervalued. why would that be? well earnings have more than doubled in that 13-year period. ashley: so where, i'm an investor. i'm getting out of bonds. i want a slice of thi
fast forward 18 months we've resolved the debt ceiling issues and the fiscal cliff to boot. the ecb has done a 180 on supporting spain. the equity markets have more than fully recovered and yet bonds are still mired down to 1 1/2 to 2%. if this is year people wake up and say rates are too low for the conditions. lori:. lori: do you believe the markets are undervalued. many are near 52-week highs. many all-time highs but you still think there is value? >> we look long term people get...